Best Buy Posts $81 Million Loss
Best Buy's turnaround hasn't been without pain, as the retailer posted an $81 million loss for the first quarter. The number compares to a $158 million the same time the year before.
Best Buy spun the loss as "better than expected." The company is in the midst of its "Renew Blue" revitalization effort under new CEO Hubert Joly.
"As expected, first quarter Domestic comparable store sales were down 1.1%," July said in a statement. "This was the result of the Super Bowl shifting into last year's fourth quarter as well as our decision to reduce sales in certain non-core businesses. Excluding these impacts, Domestic comparable store sales were flat for the quarter despite no new major product launches and late deliveries in the smartphone category, and we delivered a better-than-expected non-GAAP diluted EPS of $0.32."